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Auctions: A house is up for sale. It will be sold via an auction. Assume there are four bidders, and that all care only about their own private value of living in the house, they do not plan to ever sell it in the future. Their valuations are: 3, 5, 8, 12. If the auctioneer uses an open ascending bid auction (”English auction”), what will be the Nash equilibrium price? What will be the payoff to the winner?
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